(b) there is already another person empl(b) there is already another person employed as a director or senior manager of the regulated institution who was a director of the audit company or a member of the audit firm, at a time when the audit company or audit firm undertook an audit of the regulated institution at any time during the previous two years.

(b) there is already another person employed as a director or senior manager of the regulated institution who was a director of the audit company or a member of the audit firm, at a time when the audit company or audit firm undertook an audit of the regulated institution at any time during the previous two years.

89. An individual who plays a significant role[20] in the audit of a regulated institution in relation to the Prudential Acts, Prudential Standards or Reporting Standards, for five successive years, or for more than five years out of seven successive years, cannot continue to play a significant role in the audit until at least a further two years have passed, except with an exemption in writing from APRA. APRA may grant an exemption from this requirement if the individual provides specialist services that are otherwise not readily available or there are no other registered company auditors available to provide satisfactory services for the regulated institution.

90. For a general insurer (including a Category C insurer) or a life company (including an EFLIC), for the purposes of maintaining their independence and objectivity, the auditor and Appointed Actuary cannot both be employed by the same body corporate or related bodies corporate, or by the same firm or related firms.[21]